Decentralized trading platform Hyperliquid is set to deepen its presence in traditional asset markets after EQX Labs announced plans to introduce a suite of tokenized US stocks and exchange-traded funds.
The offering, scheduled to go live soon on Hyperliquid’s HyperCore infrastructure, will enable continuous, round-the-clock trading of these instruments as native HIP-1 tokens against the USDC stablecoin on the venue’s public order book.
EQX Labs detailed its initial lineup of eleven markets, covering major individual names such as Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta Platforms, Tesla, Micron Technology, and SpaceX, along with products tracking the S&P 500 and Nasdaq 100 via the SPDR S&P 500 ETF and Invesco QQQ Trust.
These will trade under dedicated tickers including EQSPY, EQQQQ, EQNVDA, and EQSPCX.
Eligible participants can place orders directly on the order book without intermediary brokerage layers, with on-chain settlement completing in less than one second.
The design centers on a one-to-one backing structure.
Each token corresponds to shares of the referenced company or fund held in custody accounts in the name of the issuer at Depository Trust Company-connected firms, specifically Alpaca Securities, StoneX Financial, and Clear Street.
Daily reconciliations are planned so that market participants can verify the underlying holdings.
Shares in the process of settlement from authorized participants are tracked separately and expected to clear by the following US business day.
— EQX Labs (@eqxlabs) October 14, 2026
The tokens themselves are structured as share-backed, limited-recourse notes issued by EQX SPC Ltd., a British Virgin Islands segregated portfolio company.
The EQX STAR Trust owns the issuer, a Cayman Islands purpose trust with independent governance, while EQX Labs provides technology services under a contract rather than serving as the issuer.
Economic features include automatic reinvestment of dividends into additional shares of the same security after applicable withholding taxes, with stock splits reflected in the backing.
Holders may also submit voting instructions through wallet signatures. Importantly, the issuer adds no fees for creation, redemption, or holding of the tokens and takes no portion of dividend proceeds.
Revenue for the project instead derives from a share of Hyperliquid’s standard spot trading fees.
Creation and redemption are restricted to authorized participants and occur in kind at zero issuer cost, supporting tighter arbitrage between the tokens and the underlying shares during US market hours.
The structure deliberately prioritizes transparency and cost efficiency relative to many prior tokenized equity products, aiming to position Hyperliquid as a competitive venue for price discovery in US equities over time.
Tokens can also serve broader purposes within the ecosystem, such as collateral for lending or vault strategies.
However, important distinctions remain: holders receive economic exposure through a debt instrument rather than direct equity ownership or shareholder rights against the underlying companies, and redemption in kind is available only to eligible institutional participants.
Access is restricted; the products are not offered to US persons, individuals located in the United States, residents of the British Virgin Islands, or sanctioned persons.
Trading has not yet commenced, and no precise launch date has been provided.
The initiative joins existing tokenized equity activity on Hyperliquid from other issuers, further extending the platform beyond crypto-native assets while leveraging its high-throughput order book and integration with both spot and perpetual markets.
